TSB has cut its 3 year, 4 year and 5 year mortgage rates by between 25 and 40 basis points, moving in line with banks that cut their rates earlier this month.
Taranaki-based TSB cut its 3 year mortgage rate to 7.25% from 7.50%, while cutting its 4 year rate to 7.60% from 7.95% and cutting its 5 year rate to 7.80% from 8.20%.
Kiwibank cut its 5 year mortgage rates on July 5, moving after ANZ sparked a round of longer term mortgage rate cuts on July 1.
The banks moved after long term wholesale interest rates fell globally on fears of a double dip recession and expectations of low inflation or near deflation in many developed economies.
See all bank mortgage rates here.
See our interactive chart of average mortgage rates here and below.
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